Home » Financial Hacks and Tips of the Top 1% Rich Earners

Financial Hacks and Tips of the Top 1% Rich Earners

by UNN Feed

Aja Koska / Getty Images/iStockphoto

In 2023, The Money Guy Show hosts Brian Preston and Bo Hanson looked at the financial hacks and tips of the top 1%. The episode looked through income levels and wealth for different age groups. If you want to reach the top 1% — or just get some guidance on your wealth-building journey — here’s a breakdown of the tips they shared.

Check Out: I’m Part of the Upper Middle Class: Here’s What My Finances Look Like
Explore More: 6 Unusual Ways To Make Extra Money (That Actually Work)

Sponsored: Owe the IRS $10K or more? Schedule a FREE consultation to see if you qualify for tax relief.

Delayed Gratification Is Crucial

As easy as it is to spend money today, it’s essential that you learn how to delay gratification so that you can save for the future. Delayed gratification is important when you’re young and new in your investing journey, because you want to ensure that you’re building for the future.

Read Next: 7 Key Signs You’ve Reached Financial Freedom

A High Income Is Important

The hosts shared the importance of a high income to have a high savings rate, since you can only rely on frugality tactics to a certain level. The top rich earners focus on increasing their incomes so that they have more money to allocate towards investing.

Keep Living Expenses Low When Possible

Early in your career, you want to live as lean as possible by reducing your living expenses. If you want to build wealth when you’re still young, you have to focus on reducing your largest expense so that you have the funds to invest.

You don’t want to live a lavish lifestyle that you can’t afford too early in your life, because this will prevent you from building wealth.

Choosing the Right Partner Matters

The hosts stress that you should spend time and effort choosing the right partner, because the harsh reality is that a divorce can be a crippling financial situation. You also want to ensure that your partner shares similar money-related goals so that…

Read the full article here

Have information to send to Urban New Now? Contact our reporters. Advertising inquiries? Contact us. Opinions? Email us.

You may also like

About Us

Urban News Now is your number one website for the latest news affecting the Black community. Follow us now to get the news and updates that matters to you.

Feature Articles

Subscribe to our newsletter to get the latest news and updates. Let's stay updated!

Copyright © 2023 Urban News Now – All Right Reserved

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More